Arena Puts Downtown Edmonton on the Power Play
After a lengthy debate, the City of Edmonton and the Katz Group have approved a framework for the design and construction of a new downtown arena. By 2016, when the arena is projected to open, Edmonton’s downtown is going to look very different.
Looking ahead, the transformation of Edmonton’s downtown will be much more than adding the arena. The Edmonton Arena Development Group (Katz Group and WAM Development Group) are planning an additional $2.2 billion of development in the proposed entertainment district surrounding the arena.
there are three proposed residential condos in the area that are already selling units – add on other projects, including First & Jasper; the Royal Alberta Museum; MacEwan University’s expanded campus; the Jasper Avenue revitalization; and Capital Boulevard on 108 Street. Many more projects are planned.
“A new downtown arena built under this framework is a first-rate commitment by the City of Edmonton to our downtown, to the game and tot he team we love,: said Mayer Stephen Mandel.
The City of Edonton is committing $219 million to the arena project, none of which will be generated by increasing taxes. The total cost of the arena project will be $601 million, an increase of $23 million over previous projections. The entire project includes the $480 million arena, plus the Winter Garden, community rink, LRT connection, pedestrian corridor and the land.
“I see tremendous potential in the future of our downtown and our city,” said Mandel. “This arena is a catalyst that is going to change the face of Edmonton forever.”
Further developments on the project will be posted at www.edmonton.ca/downtownarena.
Taken from Commerce News: The Voice of Business in Edmonton – Monday Feb 11, 2013 Vol 35 No.2 Page 3